This is a interview with Warren Buffett.
He has made numerous pleas, public appearances, self-less efforts, a rich man's challenge that has gone unanswered, and campaigned tirelessly to no avail.
Shame on us.
Please allow me to explain.
The Bush tax cuts have been quite a controversy in congress. I have posted on the topic a few times. Just the same the conflict is this.
The Bush tax cuts are set to expire. Obama as well as most of the democratic party have fought tooth and nail to keep the tax cuts for the middle class or 97% of the American people. However the Republican party and the republican voters have been opposed to getting rid of the Bush tax cuts for the very rich.
Despite the very rich, the top 3%, already paying proportionately lower levels of taxes then the poor and middle class, they think the rich deserve to pay less then everyone in our country's time of need.
Here are the highlights of the vid you need to understand.
Buffett Internal Office Poll
Buffett asked the 18 employees in his executive office (assistant, receptionist, janitor, everyone he sees on a daily basis) to partake in a survey of personal tax rates. 15 participated. Including Buffet there was 16.
Out of the 15 participants the mean (average) tax rate was 32.9% of income. About 1/3 of their total income goes to taxes.
Warren Buffett paid a tax rate of 17.2%. Warren admitted that he does not pay a tax guy or accountant.
His employees pay over a 90% higher tax rate. 90 plus percent. There is no one in his office that pays a lower tax rate then the second richest man in the world. It is this privilege that is being protected by the republicans and the republican voters.
Warren Buffett Campaigned for The Middle Class
Warren took an initiative, a self-less initiative to campaign against the current corrupt system. He has made numerous public appearances via interviews, talks, and the like to try and educate the American people of this unjust tax system.
Yet FOX News has got their viewers trained. He was unable to convince the Republican middle class to support a middle class tax break and a wealthy class increase that would barely put them even with the middle class. I just don't get you people. I use to think it was sad.
Now...
I just don't like you guys.
Warren's Challenge to The Rich.
Warren offered a 1,000,000.00 dollar prize to any billionaire that could prove that they paid a larger tax rate then their office assistant.
No one could. NO ONE!
What is it... what is it that you people don't get? Make no mistake... It is you.
97% of us were going to get a tax break and finally make the rich pay at least the same amount as us. They should be paying tons more. But instead you choose to carry this burden on your own back. I wish I could do more to separate myself from you people. You are destroying your own country because you have to watch FOX.
This is what really gets me. After reading this post you will still feel you have made the right decision. I am so upset and disappointed with each and every one of you, me, and the United States of America. We don't deserve to make any decisions. We don't deserve to be a superpower. We are idiots. You people who voted for your republican congress and have given Obama nothing but crap for trying to stick up for you. You are an idiot.
Watch it for yourself. You have nothing to say. It is over. Don't you dare comment here if you are a republican FOX News watcher.
If your in the top 3% then by all means speak your mind. You, after all, are a freaking genious. I have to hand it to the rich, the lobbyist, and the republican politicians. You guys are obviously right. We don't deserve it.
here is the video...
I am so ashamed... I don't think I could look Obama or Warren in the eye at this point.
I am so sorry, forgive us.
- Finance Guy
Suppose that every day, ten men go out for beer and the bill for all ten
ReplyDeletecomes to $100...
If they paid their bill the way we pay our taxes, it would go something
like this...
The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7..
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.
So, that's what they decided to do..
The ten men drank in the bar every day and seemed quite happy with the
arrangement, until one day, the owner threw them a curve ball. "Since
you are all such good customers," he said, "I'm going to reduce the cost
of your daily beer by $20". Drinks for the ten men would now cost just
$80.
The group still wanted to pay their bill the way we pay our taxes. So
the first four men were unaffected. They would still drink for free. But
what about the other six men? The paying customers? How could they
divide the $20 windfall so that everyone would get his fair share?
They realised that $20 divided by six is $3.33. But if they subtracted
that from everybody's share, then the fifth man and the sixth man would
each end up being paid to drink his beer.
So, the bar owner suggested that it would be fair to reduce each man's
bill by a higher percentage the poorer he was, to follow the principle
of the tax system they had been using, and he proceeded to work out the
amounts he suggested that each should now pay.
And so the fifth man, like the first four, now paid nothing (100%
saving).
The sixth now paid $2 instead of $3 (33% saving).
The seventh now paid $5 instead of $7 (28% saving).
The eighth now paid $9 instead of $12 (25% saving).
The ninth now paid $14 instead of $18 (22% saving).
The tenth now paid $49 instead of $59 (16% saving).
Each of the six was better off than before. And the first four continued
to drink for free. But, once outside the bar, the men began to compare
their savings.
"I only got a dollar out of the $20 saving," declared the sixth man. He
pointed to the tenth man,"but he got $10!"
"Yeah, that's right," exclaimed the fifth man. "I only saved a dollar
too. It's unfair that he got ten times more benefit than me!"
"That's true!" shouted the seventh man. "Why should he get $10 back,
when I got only $2? The wealthy get all the breaks!"
"Wait a minute," yelled the first four men in unison, "we didn't get
anything at all. This new tax system exploits the poor!"
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn't show up for drinks, so the nine sat
down and had their beers without him. But when it came time to pay the
bill, they discovered something important. They didn't have enough money
between all of them for even half of the bill!
And that, boys and girls, journalists and government ministers, is how
our tax system works. The people who already pay the highest taxes will
naturally get the most benefit from a tax reduction. Tax them too much,
attack them for being wealthy, and they just may not show up anymore. In
fact, they might start drinking overseas, where the atmosphere is
somewhat friendlier.
David R. Kamerschen, Ph.D.
Professor of Economics.
For those who understand, no explanation is needed.
For those who do not understand, no explanation is possible
you know what...
ReplyDelete...
America is in trouble.
That's right America is in real trouble.
A man with 45 bilion dollars has spent considerble time and resources and who freakin knows how much money in oppurtunity costs to help his country... at the cost of his wallet for no other reason than it is just plain right.
More imporantly he saw that he was on the winnng hand of a fixed and OBVIOUSLY corrupt tax system.
Warren SHOULD NOT PAY A SMALLER PERCENTAGE RATE IN ANNUAL TAXES THEN THE ENTIRE OFFICE FULL OF EMPLOYEES THAT ARE ALL MIDDLE CLASS.
what about that are you going to argue with!
Tell me ???
what is it???
how are you going to say that this is OK. Becuase it is real.
bc that is what u are saying from this end.
That beer story is not even relavent with out incomes. Nor does it consider any of the information that the richest and wisest of us all (in my opinion) just tried very hard to tell you. He is trying to educate you, me, and the United States of America.
Obviously he has gotten a little ambitious in his old age
we should of let the whole damn thing expire.
we need tax money!!!!!!!!!
I PROMISE
we need tax money. Like it or not. Everyone needs to pay who can pay.
...besides i don't drink.
- Finance Guy